First Abu Dhabi Bank (FAB) has announced that its shareholders have approved the distribution of 52% cash dividends worth AED5.74 billion ($1.6 billion) for the financial year ended December 31, 2022 at its General Assembly Meeting (GAM) held at the bank HQ in Abu Dhabi. 

 

All items on the agenda were discussed where the board highlighted a year of forward progress on FAB’s Group strategy, expanding its client offering and international representation, enhancing services through digital innovation, and advancing its sustainability agenda in support of the UAE’s ambitions. 

 

FAB’s 2022 achievements ensure the Group is strongly positioned to pursue its growth journey moving forward, confident in the resilience of the region, and well-placed to capitalise on opportunities as the Group continues to drive superior and sustainable shareholder returns, it stated.

 

Also at the meeting, a new board was elected for a three-year term with Sheikh Tahnoon Bin Zayed Al Nahyan as the Chairman.

 

A key highlight was the election of Mariam Mohammed Saeed Hareb Almheiri, who created history as the FAB's first female board member. The other members are Sheikh Mohamed Bin Saif Bin Mohamed Al Nahyan; Jassim Mohammed Buatabh Al Zaabi; Dr Sultan Ahmed Al Jaber; Sheikh Ahmed Mohd Sultan S. Al Dhaheri; Mohammed Thani Murshed Ghanem Al Rumaithi; Mohamed Saif Al Suwaidi; Waleed Al Mokarrab Al Muhairi and Homaid Abdulla Al Shimmari; Khalifa Ateeq Al Mazrouei.

 

Having completed their current term, three members - Jassim Mohammed Al Seddiqi; Musabbeh Helal Musabbeh Al Kaabi and André Sayegh - will be leaving the board, said the bank in its statement.

 

Sheikh Tahnoon said: "2022 was a year of continued strategic diversification and expansion for the UAE and regional economies, which posted their fastest economic growth in a decade. The UAE’s banking sector reflected this positive performance, reinforcing its resilience and robust fundamentals during the year."

 

"By capitalising on the favourable macroeconomic conditions, FAB has been laying the foundations for a sustainable future. During the year, we made tangible progress against this vision, delivering a strong financial performance whilst driving our transformation agenda to build a future-proof bank," he noted. 

 

Group CEO Hana Al Rostamani said: "We continued to build on our strengths in 2022, with our dividend underpinned by our net profit of AED13.4 billion and revenue of AED23.9 billion, both being the highest on record for the Group, and our total assets crossing the AED1.1 trillion mark, topping $300 billion for the first time."

 

"Throughout the year, we have reaffirmed FAB’s position as a leading international bank with the unique perspective and sense of ambition that our home in Abu Dhabi provides. We further expanded our global footprint, adding representation in new markets to reinforce our role in trade and investment flows, and consolidating our presence in the Mena region’s largest markets," he added.-TradeArabia News Service